RE: Venezuelan Economic Crisis: An Outsider's Perspective
Hello @achim03
Big fan of your work with @help.venezuela , didn't know you were running it!
I've been speaking to people on the ground level via Twitter just to separate truth from misinformation. Bitcoin has helped them tremendously save value. Despite Bitcoin being so volatile, the price movements are nothing compared to the Bolivar.
As for cryptocurrency usage in general, I believe the answer does lie in censorship resistant protocols like Bitcoin and Stellar Lumens. Using Petro is fairly useless as despite being built on the XEM Blockchain, it isn't decentralized.
On the political front, I believe it is slightly insensitive to say, but only the Venezuelan people can do anything about it. Rising up is not easy, but at this point I feel it's necessary. The beautiful thing about Bitcoin is that the government cannot shut it down or stop its usage. Venezuela is showing signs of a makeshift private economy that pushes the government out of the market.
I hope this situation is solvable and this just may warrant international action
Posted using Partiko Android
You are right about the role of bitcoin in a situation like Venezuela. In the past there were only foreign currencies that could bridge high inflationary situations. However foreign currencies can be limited, confiscated or stolen by governments. Bitcoin and other crypocurrencies can be a tool for people in inflationary countries to store value and also to exchange it for goods. I don't know how many bags full of bolivar banknotes you need to buy bread, if you find bread at all... with cryptocurrencies it seems much simpler.
In this respect, I believe that currencies like steem can play a very important role in such situations. The transactions are free and immediate. You could be with your phone at a cash desk where there is only the steem account name of the shop. To pay you send your steem transaction over partiko and the guy at the cash desk checks whether he got it on his account. Free and quick...
Dear @achim03
I absolutely love reading your comments. There is always something I can learn from them :)
Keep up great work here on Steemit buddy. And enjoy your weekend.
Cheers, Piotr
Thanks for your comment. A nice week-end to you too!
Such an excellent comment @reverseacid
I really love the fact that you're so very mature with your responses :)
Enjoy your weekend buddy
Piotr